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Compliance

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From the Editors of CU Weekly

TIPs: IRS FORM, STATE ESCHEAT PERIOD
updated 05/03/14 10:40 AM
Also, CUSO Rule Reminder
Two new TIPs Bulletins (Technical Information and Procedures) have been posted regarding California’s report-and-remit period for unclaimed property and the IRS’s Form 990 filing deadline.

TIPs Bulletin 14-08 highlights how the upcoming report-and-remit period is the second of a two-part process by the California State Controller’s Office.

Reminders and resources are provided regarding the UFS-1 form, correct listings of property owners, standard NAUPA II reporting (National Association of Unclaimed Property Administrators), paper reporting, remitting, and reporting to other states.

TIPs Bulletin 14-09 reviews how state-licensed/chartered credit unions must file IRS Form 990-Return of Organization Exempt from Income Tax, or file for an automatic three-month extension by May 15 (or by the 15th day of the fifth month after the credit union’s accounting period ends).

This bulletin includes helpful information surrounding the due date, exemption for federal credit unions, electronic filing, penalties, and other pertinent resources.

CUSO Rule Reminder
As a reminder, the National Credit Union Administration’s (NCUA) final rule to amend its credit union service organization (CUSO) regulation takes effect June 30.

The agency says the rule will increase transparency and address certain safety and soundness concerns.

 
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UNCLAIMED PROPERTY HANDBOOK
updated 04/26/16 07:15 AM
Plus, Title XIV Mortgage Updates
California State Controller's Office has issued an updated Unclaimed Property Holder Handbook with changes to reflect:

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CREDIT CARD SUBMISSION GUIDANCE
updated 04/18/16 12:02 PM
Plus, Compliance Advice Webinar
The Consumer Financial Protection Bureau (CFPB) has issued guidance for credit card issuers with simplified instructions for making the required submissions under Regulation Z. Last year, the CFPB temporarily suspended this rule until April 30, 2016. Issuers have to submit credit card agreements to the Bureau by May 2, 2016, and quarterly thereafter.

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